It is crucial to the well-being of your business to keep track of your finances because making informed decisions is impossible without your financial data being up to date
Annual accounts give you a good overview of historically how your business has performed however, monthly or quarterly management accounts allow business owners to exert a far greater degree of control on their business, recognising and addressing problems and identifying opportunities soon after they arise. Many of our clients find the provision of Management Accounts produced on time, having been prepared by experienced professionals provides a key source of the financial information they need which gives them the ability to plan ahead and make effective and timely decisions.
Any type or size of business can benefit from Shaikh & Co managing their accounts. Management Accounts are particularly effective for businesses that wish to develop strategies and progress to the next level of development within a specific timeframe. Having the information as events are happening gives you the ability to implement effective changes whereas receiving information months after the event means you are less able to affect the course or direction of your business. The need for management accounts is not always dependent on the size of your business but on the objectives you want to achieve.
We can provide monthly, quarterly or annual reviews of your accounts, whichever suits your particular needs most, and will use these to help you set future financial budgets and targets. We also use sophisticated software to look at and analyse the results of other companies in the particular sector that your business operates in, and use these results for comparison purposes in order to report to you on how your business compares with that of your competitors, and what improvements should be introduced to stay ahead (please see our separate page on Benchmarking under the ‘Services’ tab on this website for further information).
Monitoring your business performance against these targets assists us in identifying ways to further improve your internal processes and management, while timely accounts are also a valuable tool in sourcing business finance.
Our in-house bookkeeping service complements our management accounting service and can reduce the time and cost of preparing your year-end accounts
If you choose to carry out your accounting in-house, we can advise you on how to get the best value from your existing system. We can also offer you advice on installing accounting systems and financial control procedures to produce effective, reliable information and accounts.